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September 2021 | VOLUME 6 | ISSUE 9
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LO C A L L I F E ST Y L E P U B L I C AT I O N
Megan’s Message
VOLUME 5
I
ISSUE 5
San Diego’s New ADU Law Will Destroy Our LGBTQ Neighborhoods Guest Commentary by Kensington Resident, Don Stanziano
Reserve Funds
Where we live and our quality of life is important to all of us. The diverse communities of San Diego offer something for everyone. And our diverse LGBTQ community is no different. We’re not monolithic in What the heck happening Diego Every homeowner should is have a reserve fund in set San aside for home real estate?! where and how we choose to live.Meet Some your of us want to live in the neighbor maintenance. Whileeven this fund may not necessarily require get a separate Are homes selling? Can I even a loan right now? middle of the action in Hillcrest while others prefer a quiet street in account, it is something that is always wisest to account for. Azalea Park or near Morley Field.Wendy Reynolds
These are some of the questions I get on a daily basis in Ourinspotlight thisexpanded month is on Yes, EVERY homeof needs ongoing maintenance and repairs. This is period.Our community, once concentrated Hillcrest, has the midst our COVID19 shelter in place
throughout the region, and especially across mid-city we have Wendy Reynolds ofand Talmadge. the one thing all homes have in common. These are the types of played an important and signiÞcant role in the continued success things to be budgeted for: and benefit thanks to their service!), and if A San Diego native, Reynolds and I am here to tell you that indeed, homes vibrancy of these communities.
you are borrowing $701,500 or less, which grew up in Clairemont, went to are selling and people are getting loans. 1. It’s Daily/weekly/annual items such as mechanical puts you in the conventional Mission Bay High School and still a bit early tomaintenance see any price But if youfinancing live in a single-family home anywhere in San Diego, your service contracts, yard,asand washing, etc. many lenders will still allow attended San Diego Stateafor adjustment trends wepool tendmaintenance, to measure windowcategory, neighborhood mayyou soon be unrecognizable. That’ s because littleThese should be part of a regular operating budget. In condos most known change in the zoning code passed last October (when we to put as little as 5% down. All loans and college, “GO AZTECS!” Along were that trend over a 3–6 month time frame all distracted by a global pandemic importantmoved presidential ofand these expenses (not all) are covered by monthly common charges. all lenders are not created equal, nor are theand wayanReynolds to we just don’t have that hindsight election), essentially eliminated single-family zoning across the city. 2. asLonger-term maintenance. Every property has certain elements their financing programs. Contact me for San Francisco and after 20 of yet. But I can tell you that I am still that have an expected shelf life.offers No paint-job, dishwasher or AC unit a referral to a trustworthy lender that can years in the Bay Area, she consistently seeing multiple on You see, these new city regulations encourage the rampant expansion lasts forever. Well-run buildings and homes have these items clearly provide you the information you need to Units (ADU) decided she needed change of Accessory Dwelling on single-family lots. aThese are not properties in San Diego, particularly in the identiÞed with budgeting for future replacement and repair costs. typical granny ßats. An ADU andand a Junior already allowed get started in your research. madeADU thewere move back to her $1.2 million range and below with both on any property prior to this action. 3. my Major items: Siding, windows, roofs, and several other structural hometown of San Diego. After buyer and seller clients. Of course, items also require major repairs and replacement over time. If you would like to explore buying and/ going to area open houses, this will depends on the location and overall San Diego has gone well past that and now encourages an unlimited Budgeting for this is wise also. or selling in this evernumber changing market, she came Talmadge. presentation, but with an already very of studios and apartments built on aacross single-family lot, 30-feet 4. limited The unknown repairs. Insurance can cover only much high and noor property Your neighbor’ s home “I could go up giveso me a call at 619.944.2798 email line setbacks. According to Reynolds, loved set of housing inventorypolicies for buyers and then there are deductibles too. Insurance policies require annual for sale tomorrow and if bought by an investor/absentee landlord, me at Megan@MeganB.com. I’d be happy the friendly neighborhood vibethis out there to choose from, it’s even tighter re-evaluation. It is wise to fully evaluate ALL potential risks your home could be next door to you soon. It’s already happening in Talmadge to discuss with you what sets my service and all the planned activities. now. Those that can still qualify for a and the College Area. may be exposed to and at least be aware of them....and check what from I haven’t seen a neighborhood loan are able to take advantage thelook out forapart your insurance does or does not cover.of(PS: coverage forthe rest! quite like still low rates and achieve their dream of What’s worse, there are no requirements forTalmadge.” infrastructure funding from damage due to wildÞres!) the new property owner — so no improvements to roads, parks, homeownership, moving up, or downsizing. sidewalks. There is no parking required, which means more cars In May of 2019, Reynolds made In shared home scenarios like a condo, reserve funds cover only so parked on your street. There is no environmental review. And no Talmadge her home. A graphic Loans be reserve fund a little trickyfor these days much. A can healthy emergencies is always prudent. It is requirement to inform neighboring property owners of what’ s planned. designer for 25 years, she has for asmart primary residence trickier often to evaluate the and wealth factorstill of owners in a building to determine whether urgent assessments for capital improvements will her own and design for an investment property. For a primary This was enacted by then-Mayorowned Kevin Faulconer the business, entire city beresidence easily funded not. many Large (but reserve funds council, but Mayor Todd Gloria and several council members including Olive Design for 20 years and is loan,orwith not all) sitting around doing Council President Jen Campbell are listening to our concerns, and nothing deplete in value in inßationary times. Sometimes buildings currently freelancing. Ultimately, lenders, you should count on having at appear open to making reasonable revisions to this poorly written have owners who simply do not have the means to write big checks she is looking permanent least 20% down if you are needing to ordinance. Our LGBTQ elected leaders need to for hearafrom members of and gathering the funds to do necessary work can take months of employee position (hint, hint). borrow $701,501 or higher as this puts you OUR community on this issue. Tell them you want it changed. planning and negotiating to implement: those buildings are better You can find her online portfolio in the “jumbo loan” category. Most lenders served by consistently building up reserve funds. Neighborhood groups have organized to ask for sensible limits on this at wendyreynolds.myportfolio. are still processing VA loans up to $1 million Ògranny towerÓ regulation that address environmental, trafÞc, design com. In her free time, Reynolds $0 down (always an incredible There is some good news in all the opportunity bigger costs associated with and other legitimate concerns. For more information or to join us, loves hiking, mountain biking, please visit https://www.neighborsforabettersandiego.org. improving a building: most are capital improvements that you can print making, art shows and add to the cost basis of your home, thereby reducing the capital Tell Mayor Gloria, Council President Campbell, Council-Member happy hour. Her passions gains - and taxes - upon resale. Whitburn and your local council member that you want them to roll include travel, photography back this poorly written ordinance before our neighborhoods are and she loves her adorable dog, Hope you all have a SUBLIME, HEALTHY FALL! ruined forever. Diego. If you see them out in the neighborhood, be sure to Have questions about real estate? Contact Megan! say hello! Happy to have you here, Wendy! Megan Beauvais REALTOR® 619.944.2798
Have Questions About Real Estate? Megan Beauvais Contact Megan! REALTOR®, GRI
megan@meganb.com DRE 01426805
DRE 01426805 megan@meganb.com 619.944.2798 www.meganb.com Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527365. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate.
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01527365. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been veriÞed. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. This information is provided for informational purposes only and is not a solicitation, recommendation, offer or promise to provide services. Compass is not offering legal, Þnancial or other professional advice. Compass reserves the right to refuse, reject, or cancel the program for any reason at any time without liability. Compass offers no guarantee or warranty of results. Subject to additional terms and conditions. Home must qualify under Compass Concierge guidelines. Subject to additional terms and conditions.